Shinsei Bank to raise up to $2.36 bln

OsamuTsukimori

TOKYO (CBS.MW) -- Japan's Shinsei Bank on Monday announced that it expects to raise up to $2.36 billion in a massive initial public offering on Feb. 19.

The bank, which was re-launched after U.S. investor Ripplewood bought the failed Long-Term Credit Bank of Japan in 2000, said it will offer 440 million shares, or about one third of the outstanding shares at 525 yen a share for a total of 250.1 billion yen.

It'll be the biggest Japanese IPO since last July.

Citing larger demand for its shares, Shinsei priced the shares at 525 yen -- at the top of the 450-525 yen range it set on Jan. 29.

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